House auction rates have hit new highs
More than a third of Bay of Plenty properties were sold by auction during June. Photo: File photo.
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Auction rates have hit new highs over the course of the current housing market boom, but there are questions over whether the sales method will remain so popular when the market slows.
New Real Estate Institute information shows more than a quarter of properties were sold by auction in June. That is the highest percentage of auctions for a June month since records began in September 2005.
Auckland had the highest percentage of auctions, with 41.9 per cent of properties selling under the hammer in June. It was followed by Bay of Plenty with 37.8 per cent and Gisborne with 34.1 per cent.